Method and system for quantity entry

ABSTRACT

A trading screen may include a plurality of next trade quantity regions that comprise a plurality of locations, each location being associated a price on a price axis. The quantities can be entered into the various locations in the next trade quantity regions and the entered quantities can be used as a parameter of a future trade order at the associated price level. The trading screen may also include a plurality of quantity entry regions that are displayed with respect to the price axis. The quantity entry columns may each include plurality of sub-regions or locations corresponding to different price levels in the price axis. The quantity entry columns may be used to specify next traded quantities that may be used in placing orders for tradeable objects.

CROSS-REFERENCE TO RELATED APPLICATIONS

The present application is a continuation of U.S. patent applicationSer. No. 13/874,485, filed May 1, 2013, now U.S. Pat. No. 8,719,419,issued May 6, 2014, which is a continuation of U.S. patent applicationSer. No. 12/770,655, filed Apr. 29, 2010, now U.S. Pat. No. 8,458,078,issued Jun. 4, 2013, which is a continuation of U.S. patent applicationSer. No. 12/421,678, filed Apr. 10, 2009, now U.S. Pat. No. 7,734,535,issued Jun. 8, 2010, which is a continuation of U.S. patent applicationSer. No. 11/417,885, filed May 3, 2006, now U.S. Pat. No. 7,536,345,issued May 19, 2009, which is a continuation of U.S. patent applicationSer. No. 10/284,884, filed Oct. 31, 2002, now U.S. Pat. No. 7,536,339,issued May 19, 2009, all of which are herein incorporated by referencefor all purposes.

FIELD OF THE INVENTION

The present invention relates generally to electronic trading. Morespecifically, it relates to processing trading information.

BACKGROUND OF THE INVENTION

Many exchanges throughout the world now support electronic trading.Generally, an electronic exchange provides a matching process betweentraders, or simply buyers and sellers. Some well known exchanges includeEurex, London International Financial Futures Exchange (“LIFFE”),Euronext, Chicago Mercantile Exchange (“CME”), Chicago Board of Trade(“CBOT”), Xetra, and Island. Traders are typically connected to anelectronic exchange by way of a communication link to facilitateelectronic messaging between the trader and the exchange. For instance,the trader might submit buy or sell orders to an electronic exchange andlater obtain status or fill information from the exchange. Among otherthings, ease of submitting buy or sell orders has made electronicexchanges a successful venue for trading. Accordingly, an increasingnumber of people across the world are actively participating in a marketat any given time. The increase in the number of potential marketparticipants has advantageously led to, among other things, a morecompetitive market and greater liquidity.

A trader can connect to an exchange, for example, using a client device,and the exchange can serve as a host. Once connected, software runningon the client allows the trader to log onto one or more exchanges andparticipate in one or more markets. Some clients run software thatcreates specialized interactive trading screens. In general, the tradingscreens enable traders to enter orders into the market, obtain marketquotes, and monitor positions. The range and quality of featuresavailable varies according to the specific trading application.

Using the trading application, a trader may place orders within themarkets supported by the exchange. In placing an order, the tradertypically specifies a price and a quantity for the order. Some tradingapplication programs, however, allow a trader to pre-configure thetrading application with a default order quantity. Then, the trader mayplace an order by simply selecting a price level, and the tradingapplication automatically uses the default order quantity withoutrequiring the trader to enter a quantity for that order.

The trader, however, may wish to place successive orders for varyingquantities. In that case, the trader may have to manually clear thedefault quantity, enter a different quantity for the order and thenplace the order. For successive orders, this can be a time consumingprocess, and it can limit the speed with which the trader can place theorders.

In the following detailed description, a trading application and tradinginterface for order quantity entry are described. These tools provideadvantages, as described below, to a trader in an electronic tradingenvironment.

BRIEF DESCRIPTION OF THE DRAWINGS

The presently preferred embodiments of the present invention aredescribed herein with reference to the drawings, in which:

FIG. 1 is a preferred embodiment of a trading screen for order entryusing order quantity columns;

FIG. 2 is a flowchart of a preferred embodiment for order entry usingquantity columns that may be used with the trading screen of FIG. 1; and

FIGS. 3A-3F depict a preferred operation of a next traded quantityfeature in the trading screen of FIG. 1.

DETAILED DESCRIPTION OF THE PRESENTLY PREFERRED EMBODIMENTS

Many different exchanges support electronic trading. Electronic tradingallows a trader to interact with the exchanges from a remote location,such as by using a computer connected to the exchanges over one or morecomputer networks. Once connected to an exchange, the trader may receivemarket information about tradeable objects that are traded on theexchange. The trader may additionally trade the tradeable objects, suchas by entering buy or sell orders.

A tradeable object can be any object, such as stocks, options, bonds,futures, currency, warrants, funds, or other financial objects. Otherobjects, for example, grains, energy and metals can also be traded. Ofcourse, these list are not exhaustive, and any other object for whichthere exists a market can be traded. Tradeable objects can be “real,”such as products that are listed by an exchange for trading, or they canby “synthetic,” such as a combination of real products that is createdby a trader. Of course, a tradeable object could actually be acombination of other tradeable objects, such as a class of tradeableobjects.

Electronic trading exchanges are generally based on one or more hosts,one or more computer networks, and a plurality of clients. In general,the host includes one or more centralized computers. Its operations mayinclude order matching, maintaining order books and positions, priceinformation, and managing and updating, for example a database, thatrecords such information. The host may also be equipped with an externalinterface that maintains uninterrupted contact to the clients andpossibly other trading-related systems.

Market participants may link to the host through one or more networks. Anetwork is a group of two or more computers linked together. There aremany types of networks such as local area networks and wide areanetworks. Networks can also be characterized by topology, protocol, andarchitecture. However, any type of network configuration can be used inelectronic trading. For example, some market participants may link tothe host through a direct connection such as a T1 line or an IntegratedDigital Services Network (“ISDN”) connection. When connecting through adirect connection, a market participant may connect through one or morecommon network components such as high-speed servers, routers, andgateways, and so on. Of course, a market participant may also connect tothe exchange through the Internet or another type of network.

A method, system and interface for electronic trading with an exchangeis described in U.S. patent application Ser. No. 09/590,692, filed Jun.9, 2000, entitled “Click Based Trading with Intuitive Grid Display ofMarket,” and is also described in U.S. patent application Ser. No.09/589,751, filed Jun. 9, 2000, entitled “Click Based Trading withMarket Depth Display.” Both applications are commonly assigned toTrading Technologies International, Inc., and the contents of bothapplications are incorporated herein by reference. These applicationsdescribe network topologies, interfaces and general tradingfunctionality and techniques that may be used in implementing thepreferred embodiments described herein.

Once connected to an exchange, a trading application may use tradingscreens to enable a trader to interact with one or more markets. Tradingscreens may enable traders to enter and cancel orders, obtain marketinformation, and monitor positions while implementing various tradingstrategies including those previously used on the floor of an exchange.For example, using the trading screen a trader may receive informationabout tradeable objects traded on the exchange. Additionally, the tradermay use the trading screen, for example, to place buy and sell ordersfor the tradeable objects or to otherwise trade the tradeable objects.

While a trader may connect electronically to an exchange, it is notnecessary that the entire trading process occur electronically. Forexample, preferred embodiments may utilize an electronic tradingapplication that sends orders electronically to a terminal where aperson (e.g., a floor broker) executes those orders in a traditionalopen outcry trading floor. Of course, other variations are alsopossible.

The trading application may receive information from the exchange, whichcan in turn be displayed to the trader via a trading screen. Forexample, the trading application may receive a list of tradeable objectstraded on the exchange. Additionally, the trading application mayreceive market information for each tradeable object, such as bidprices, bid quantities, ask prices, ask quantities, and additionally,some exchanges provides prices and quantities for past sales, and othermarket related information. The information may be continuously orregularly provided to the trading application, which allows the tradingapplication to update the trading screen with current marketinformation.

Using the market information displayed by the trading application, thetrader may trade the market. The trader may place orders for differenttradeable objects, and the orders may be at different price levels andfor different quantities. The trader may place an order, for example, byselecting a price level and a quantity. This may be done in a variety ofdifferent ways, which may vary with the particular trading applicationused by the trader. For example, the trader may manually enter aquantity into the trading screen, and then the trader may select buy orsell option for a particular price level.

In order to aid the trader in placing orders, the trading applicationmay allow the trader to specify a default order quantity. Then, thetrader may place an order by selecting a buy or sell option at aparticular price level, and the trading application may use the defaultorder quantity previously defined by the trader as the quantity for theorder. By specifying a default order quantity, the trading applicationmay support “click” trading. For a trading application that supportsclick trading, the trader may place an order simply by clicking a bid orask option for a particular price level. The trading application maythen place the order at the specified price level using the defaultorder quantity previously specified by the trader. As the trader doesnot have to enter a quantity each time the trader places an order,click-based trading may allow the trader to place orders more quickly.

However, the trader may want to place orders having differentquantities. The trader may do this in a variety of different ways. Forexample, the trader may specify a new default order quantity, such as bymanually reconfiguring the default order quantity to a new value. This,however, can be a time consuming process and may not be efficient whenthe trader places successive orders at different price levels. Inanother example, the trader may override the default order quantity andmanually specify a quantity to be used for the trader's next order. Thismay be done, for instance, by first clearing the default value and thentyping a new quantity to be used into the trading screen. This too,however, may be a time consuming process that is inefficient when thetrader places successive order for varying quantities.

In a preferred embodiment, the trading screen may include one or morequantity entry columns, which may be used in place of a default value tospecify quantities for orders. For example, the trading screen mayinclude one or more bid quantity entry columns, and the trading screenmay also include one or more ask quantity entry columns. The quantityentry columns may each correspond to a specify order quantity, and thequantities of the various bid and ask quantity entry columns may bedifferent. The bid and ask quantity entry columns may each have multiplecells, which each correspond to a particular price level. The trader maythen place an order by selecting one or more cells in the quantity entrycolumns at a particular price level. The quantity of the order placed bythe trader may then be based on the corresponding quantities of thechosen quantity entry columns. Thus, the trader may select a quantityusing one of the quantity entry columns, or the trader may sum valuesusing multiple quantity entry columns in order to specify the totalquantity for an order.

FIG. 1 is a preferred embodiment of a trading screen for order entryusing order quantity columns. As depicted in FIG. 1, the trading screenincludes a price column 100. The price column 100 displays variousdifferent price levels for a tradeable object. The trading screen alsoincludes an ask quantity column 102 and a bid quantity column 104. Theask quantity column 102 displays current ask quantities at variousdifferent price levels. The bid quantity column 104 displays current bidquantities at various different price levels. Thus, the ask quantitycolumn 102 and the bid quantity column 104 can display current marketdepth. The bid and ask quantities in the bid and ask quantity columns102, 104 may be displayed using any type of indicator. For example, theindicator may be graphical representation of quantity (e.g., colors,bars, etc. . . . ), or the indicator may be a textual representation ofquantity, such as a number. Various combinations of indicators may alsobe used, for example, a text representation in combination with a color.

As depicted in FIG. 1, the outstanding bid quantities and ask quantitiesare displayed in association with price levels arranged along a commonstatic axis or scale of prices. The price levels are fixed in relationto the bid and ask quantity columns 102, 104, such that the indicatorsin these columns 102, 104 may move relative to the static axis ofprices. For example, the bid and ask quantities displayed by the tradingscreen may change, and the inside market may move away from the pricelevel depicted in FIG. 1. The inside market generally refers to theseparation between the lowest ask price and the highest bid price. Whilethe trading application may update the quantities, and while theposition of the inside market may change, the range of price levelsdisplayed in the price column 100 and the respective positions of theprice levels displayed in the price column 100 may remain fixed.

It should be noted that the static axis of prices is not necessarilyimmovable with respect its physical position on the display screen, butrather may be moved to various different positions on the display. Theuser may use a mouse or other input device, for example, to repositionstatic axis of prices to a different location on the display screen,such as by dragging the static axis of prices from one side of thedisplay screen to the other side of the display screen. In anotherexample, the user may vary which portion of the static axis of prices isdisplayed, such as by scrolling up or down the axis or by entering arepositioning or re-centering command. Repositioning and re-centeringare described in more detail in U.S. patent application Ser. No.10/125,894 filed on Apr. 19, 2002, entitled “Trading Tools forElectronic Trading,” which is commonly assigned to Trading TechnologiesInternational, Inc., and the contents of which are incorporated hereinby reference. They are also described in more detail in the previouslyreferenced application Ser. No. 09/590,692, titled “Click Based Tradingwith Intuitive Grid Display of Market.”

One commercially available trading application that allows a user totrade in an electronic trading environment, and which may be used in thepreferred embodiments, is X_TRADER® from Trading TechnologiesInternational, Inc. of Chicago, Ill. X_TRADER® X_TRADER® also providesan electronic trading interface, referred to as MD Trader™, in whichworking orders and/or bid and ask quantities are displayed inassociation with a static price axis or scale.

Portions of the X_TRADER® and the MD Trader™-style display are describedin the previously referenced applications, and they are also describedin U.S. patent application Ser. No. 09/971,087, entitled “Click BasedTrading With Intuitive Grid Display Of Market Depth And PriceConsolidation,” filed on Oct. 5, 2001, which is commonly assigned toTrading Technologies International, Inc., and which is incorporatedherein by reference in its entirety. Moreover, the trading applicationmay implement tools for trading tradeable objects that are described inthe previous referenced application Ser. No. 10/125,894, titled “TradingTools for Electronic Trading.”

The trading screen may also include a variety of other regions, whichmay be used to display other information to a trader. As shown in FIG.1, the trading screen additionally may include a first ask quantityentry region 106, a second ask quantity entry region 108, a third askquantity entry region 110 and a fourth ask quantity entry region 112. Inthis example, these regions are shown as columns, but the invention isnot limited to any particular orientation of the display. As shown inFIG. 1, each of the ask quantity entry regions 106, 108, 110, 112corresponds to a particular order quantity, which is indicated in anidentifier row 114. The first quantity entry region 106 corresponds to aquantity of “1”, the second quantity entry region 108 corresponds to aquantity of “5”, the third quantity entry region 100 corresponds to aquantity of “10”, and the fourth quantity entry region 112 correspondsto a quantity of “20.” Each of the ask quantity entry regions includes aplurality of locations, where each location preferably corresponds to aprice level on the price axis 100. In this example, each location is acell of the column.

An ask next traded quantity (“NTQ”) region 116 may display next tradedask quantities for one or more of the price levels. The next tradedquantity in this column may represent the quantity used for the next askorders placed at one or more of the price levels. As shown in FIG. 1,the ask NTQ column 116 displays a NTQ of “28” at the “55” price level,an NTQ of “15” at the “45” price level, and an NTQ of “19” at the “40”price level. Of course, these values are merely examples, and they mayvary based on the inputs to the trading screen. Other NTQs may bedisplayed at these or other price levels. Additionally, a greater orfewer number of NTQ may be displayed. While ask quantity entry regions106, 108, 110, 112 may be used to place sell orders, bid quantity entryregions may be used to place buy orders. As shown in FIG. 1, the tradingscreen may include a first bid quantity entry region 118, a second bidquantity entry region 120, a third bid quantity entry region 122 and afourth bid quantity entry region 124. Each of the bid quantity entryregions 118, 120, 122, 124 corresponds to a respective quantity. Thefirst bid quantity entry region 118 corresponds to a quantity of “1”,the second bid quantity entry region 120 corresponds to a quantity of“5”, the third bid quantity entry region 122 corresponds to a quantityof “10”, and the fourth bid quantity entry region 124 corresponds to aquantity of “20”. The corresponding quantities for the bid quantityentry regions 118, 120, 122, 124 are displayed in the identifier row114. Like the ask quantity entry regions, each of the bid quantity entryregions preferably includes a plurality of locations (e.g., cells) eachof which corresponds to a price level on the price axis 100. It shouldbe understood that the bid and ask quantity regions are shown by way ofexample, and as will be described later, they may be reconfigured, suchas by changing the number of regions, the arrangement of the regions orthe quantities associated with the regions.

A bid NTQ region 126 may display next traded bid quantities for variousprice levels. The next traded bid quantities may represent thequantities used for the next bid orders placed at the various pricelevels. As shown in FIG. 1, the bid NTQ region 126 displays NTQs forvarious different price levels. An NTQ quantity of “17” is displayed atthe “30” price level, an NTQ quantity of “4” is displayed at the “25”price level, and an NTQ quantity of “23” is displayed at the “15” pricelevel. These values are merely examples, and the actual values displayedmay vary based on inputs to the trading screen.

FIG. 1 also depicts an optional default quantity entry window 128. Thedefault quantity entry window 128 may be used, for example, to specify adefault quantity that may be used when placing orders at the variousdifferent price levels. In addition to specifying a default quantity,the default quantity entry window 128 may be used to specify quantitiesother than the default quantity to be used when placing orders. Thus,the default quantity entry window 128 may be used to override thedefault value for particular orders. A trading application may use thedefault quantity entry window 128 in conjunction with the quantity entryregions 106, 108, 110, 112, 118, 120, 122, 124, or the tradingapplication may optionally not use the default quantity entry window128.

In an alternative embodiment, no ask or bid quantity entry regions aredisplayed. In this embodiment, at least one NTQ region with locationscorresponding to different price levels is displayed. Locations in theNTQ region can be seeded by entering numbers directly into the locationsusing any input method. For example, a trader can input quantities byusing a conventional keyboard. Alternatively, different buttons or keyson an input device can be assigned quantity values and the applicationcan be programmed to add a quantity to or subtract a quantity from alocation in the NTQ region in response to a trader depressing thebuttons or keys. In addition, the invention is not limited to the entryof numbers in the NTQ region. For example, a formula can be input into alocation that dynamically calculates a number based on various inputs.Also, a location in the NTQ region may be linked to a third partyapplication, such as a spreadsheet, which provides numbers to be inputinto that location. One example would be to calculate a particular NTQvalue based on fill information and to input that number into aparticular NTQ location based on a theoretical price. As one of ordinaryskill in the art will appreciate, there are many different manners tocalculate NTQ numbers and the invention is not limited to any particularapproach, strategy or algorithm.

Many different changes may be made to the trading screen depicted inFIG. 1. In one alternate embodiment, the trading screen may use agreater or fewer number of ask quantity entry regions. In anotheralternate embodiment, the trading screen may use a greater or fewernumber of bid quantity entry regions. Other embodiments may use adifferent number of ask quantity entry regions than bid quantity entryregions. In yet another alternate embodiment, the trading screen mayinclude ask quantity entry regions but not bid quantity entry regions,or the trading screen may include bid quantity entry regions but not askquantity entry regions.

In another alternate embodiment, the quantity entry regions maycorrespond to different quantities, and the quantities corresponding tothe bid quantity entry regions may differ from the quantitiescorresponding to the ask quantity entry regions. While FIG. 1 depictsthe quantity entry regions as separate regions, it should be understoodthat in alternative embodiments the two or more regions may overlap, ortwo or more regions may be combined into a single region. In yet anotherembodiment, the regions may be color-coded. For example, the regions maybe color-coded to distinguish ask regions from bid regions, or tootherwise differentiate the regions.

In other alternate embodiments the orientation of the trading screen maybe altered. For example, the regions may be changed from a verticalorientation, as shown in FIG. 1, to a horizontal orientation. Of course,other orientations are also possible and the preferred embodiments arenot limited to any particular orientation. Other embodiments mayoptionally omit some of the regions shown in FIG. 1. For example, one orboth of the quantity columns 102, 104 may be omitted from the tradingscreen display. In another example, while quantities or otherinformation may be displayed in relation to a static axis of prices, itis not necessary that the static axis of prices be displayed on thetrading screen. Thus, the price column 100 may be omitted from thedisplay. Other embodiments may display regions or columns in addition tothose depicted in FIG. 1. For example, the trading screen may displayone or more working order regions, which may be used to displayoutstanding, but unfilled, orders submitted by the trader.

The trading screen may be configurable by the trader. For example, thetrading screen may be programmed for a default configuration. Thedefault configuration may be specified by a developer of the tradingapplication, but it may also be modified by the trader. Upon opening andrunning the trading application, the trading application may use thedefault configuration for the trading screen. The configuration of thetrading screen, however, may then be modified by the trader.

For example, the trader may reconfigure the number of bid quantity entryregions or the number of ask quantity entry regions. In another example,the trader may reconfigure the quantities corresponding to one or moreof the quantity entry regions. In yet another example, the trader mayrearrange the position of the quantity entry regions or of other regionsin the trading screen. Additionally, the trader may configure thetrading screen to display additional regions, or the trader may removeregions from the trading screen display.

In one preferred embodiment, the trader may make modifications to bidquantity entry region, and the trading application may automaticallymake the changes to a corresponding ask quantity entry region. Inanother preferred embodiment, the trader may make changes to an askquantity entry region, and the trading application may automaticallymake the change to a corresponding bid quantity entry region. In yetanother preferred embodiment, changes made with respect to the bidquantity entry regions are not made with respect to the ask quantityentry regions and vice versa. Other modifications may also be made.

The ask quantity entry regions 106, 108, 110, 112 may be used by atrader to specify quantities for orders and also to place orders. In onepreferred embodiment, the trader may specify a quantity for an order byselecting a bid or ask quantity entry region location or cell at aparticular price level, for example by using a mouse or other inputdevice to select the cell. By selecting one of the ask quantity entryregions 106, 108, 110, 112 the trader may place a sell order, and byselecting one of the bid quantity entry regions 118, 120, 122, 124 thetrader may place a buy order. The quantity of the order would be thequantity corresponding to the particular quantity entry region selectedby the trader, while the price level would correspond to the price levelof the cell selected by the trader. In an alternative embodiment, atrader can override the quantity corresponding to the particularquantity entry region and directly enter a quantity into a cell. In thatevent, the entered quantity can be used for the quantity of an orderplaced by selecting that cell. After receiving the trader's selection,the trading application may automatically place the order.

In another preferred embodiment, the trader may specify an orderquantity by selecting a cell in one of the quantity entry regions 106,108, 110, 112, 118, 120, 122, 124. Instead of automatically placing theorder, the trading application may wait for an additional action fromthe trader before placing the order. For example, the trader may thenplace the order by subsequently clicking on a cell in the ask quantityregion 102 for a sell order, or by clicking on a cell in the bidquantity region 104 for a buy order. In another example, the trader maysubmit the order by clicking a designated “submit” button displayed onthe trading screen. These are merely examples, and many other ways alsoexist for the trader to confirm the order. Once the trader selects thesubmit option for the order, the trading application may then send theorder message.

In another preferred embodiment, the trader may sum order quantities byselecting more than one of the quantity entry regions. This may allowthe trader to place an order for a quantity that does not exactlycorrespond to one of the quantity entry regions. As the trader sumsquantities using the quantity entry regions, the NTQ regions may be usedto display the current total quantity selected by the trader. Forexample, as the trader selected quantity entry regions, the value in theNTQ region may be updated to reflect the sum of the regions selected bythe trader.

In another preferred embodiment, the trader may specify a quantity bytyping the quantity into one of the quantity entry regions. The quantityentered by the trader may then be added to the quantity value in thecorresponding NTQ region. In another embodiment, the trader may type anew quantity directly into the NTQ region.

In yet another preferred embodiment, the trader may remove a quantityfrom a seed NTQ value by selecting one of the quantity entry regions.For example, the trader may use a left mouse button to select quantityentry regions in order to add the quantities to an NTQ value. The tradermay use a right mouse button to select quantity entry regions in orderto remove quantities from the NTQ value. Of course, the left and rightmouse buttons are merely example, and may other ways may also be used todifferentiate a quantity entry region selection that adds the region'squantity to an NTQ value and a quantity entry regions selection thatsubtracts the region's quantity from an NTQ value.

FIG. 2 is a flowchart of a preferred embodiment for order entry usingquantity regions that may be used with the trading screen of FIG. 1. AtStep 200, the trading application receives a first selection of one ofthe locations in one of the quantity entry regions at a particular pricelevel. For example, a trader may select one of the locations (e.g.,cells) in one of the quantity entry regions by using a mouse or otherdevice to click on one of the locations. Then, at Step 202, the tradingapplication adds the quantity associated with the order region of thefirst selection to a total quantity for an order at the correspondingprice level. Thus, the trading application adds the quantity of theselected quantity entry region to the total quantity for a subsequentorder at the corresponding price level. As previously discussed, inresponse to the selected quantity, the trading screen may also updatethe value displayed in the corresponding location of the NTQ regions.

Next, at Step 204, the trading application receives a second selectionof one of the locations in one of the quantity entry regions associatedwith the same price level. Again, the trader may select the location inthe quantity entry region using a mouse or other device, such as byclicking on the location. The quantity entry region indicated by thesecond selection may be the same or different than the quantity entryregion indicated by the first selection. Thus, the trader may select aregion that was different from the first selected region, or the tradermay select the same region twice. In response to the second selection,the trading application then adds the quantity associated with the orderregion of the second selection to the total quantity of a subsequentorder, as shown at Step 206. Thus, the total quantity for the subsequentorder was first increased by the quantity of the quantity entry regionof the first selection and is now increased by the quantity of thequantity entry region of the second selection. The quantity valuedisplayed in the corresponding NTQ region at the particular price levelmay also be updated to include the new quantity.

Then, at Step 208, the trading application submits an order at theparticular price level for the total quantity specified using thequantity entry regions. The order can be submitted in response to acommand from the trader. For example, the trader may use a mouse toclick on the location of the NTQ region associated with the particularprice level. Thus, the trading application submits the order to anexchange, and the quantity for the order includes the quantities of thequantity entry regions for the two selections. If the total quantity forthe order was zero before the two selections, then the total quantityfor the order is simply the sum of the quantities for the two selectedquantity entry regions. If, however, the total quantity for the orderwas not zero before the two selections, such as if the trader haspreviously selected other quantity entry regions, then the totalquantity would be the previously specified quantity plus the quantitiesfor the two selected quantity entry regions.

Of course, many different variations may be made to the flowchartdepicted in FIG. 2. In alternate variations, one or more steps may beomitted. For example, the trading application may only receive oneselection before submitting the order, thereby eliminating Steps 204 and206. In this case, the total quantity submitted for the order would thenonly be the quantity for the quantity entry region of the firstselection. If, however, the trader had made previous quantity entryregion selections, then the total quantity would be the sum of thoseselections in addition to the quantity of the order region specified inStep 200. In another example, the NTQ region may be seeded by otherinput means than the ask or bid quantity entry regions, such as throughuse of a keyboard or buttons on an input device such as a mouse orgamepad.

In other alternate variations, one or more steps may be added. Forexample, the trading application may receive more than two selectionsfrom the trader, thereby receiving indications other than the onesdepicted in Steps 200 and 204. In this case, the total order quantitywould then include the quantities of the quantity entry regionsspecified in Steps 200 and 204, and it would also include the quantitiesof the other specified quantity entry regions. Thus, the flowchart ofFIG. 2 may be executed in a repeating loop, depending on the number ofselections made by the trader. In another example, the tradingapplication may receive an indication from the trader to place the orderprior to submitting the order as depicted in Step 208. This may allowthe trader to make a variable number of quantity entry region selectionsprior to instructing the trading application to place the order.

FIGS. 3A-3F depict an example operation of a next traded quantityfeature in the trading screen of FIG. 1. FIG. 3A depicts the tradingscreen in an initial state prior to placing an order. For example, thetrader may want to enter an order to buy 17 @ 30. This would be an orderto buy a quantity of 17 at the 30 price level. To place the order, thetrader may first select the cell in the third bid quantity entry column122 that corresponds to the 30 price level, which is indicated by arrow300. As the third bid quantity entry column 122 corresponds to aquantity of 10, selecting this cell specifies a quantity of ten for theorder. Once the trader selects the quantity of ten, the bid NTQ column104 may be updated to show a total quantity of ten at the 30 pricelevel, as shown in FIG. 3B.

Next, the trader may also select the cell in the second bid quantityentry column 120 that corresponds to the 30 price level, which isdepicted by arrow 302. Since this column corresponds to a quantity of 5,selecting this cell specifies a quantity of 5 in addition to thepreviously selected quantity of 10 for this order. By selecting anadditional quantity of 5, the trader has now selected a total quantityof 15. The bid NTQ column 126 is updated to reflect the total quantityof 15, as shown in FIG. 3C.

The trader continues to specify the quantity by selecting the cell inthe first bid quantity entry column 118 that corresponds to the 30 pricelevel, which is depicted by arrow 304. By selecting this cell, thetrader adds an additional quantity of one the previously specifiedquantity of 15. The bid NTQ column 126 is updated to reflect the totalquantity of 16, as shown in FIG. 3D. Again, the trader selects the cellin the first bid quantity entry column 118 that corresponds to the 30price level to add an additional quantity of one to the total quantity.The trader's selections specify a total quantity of 17 at the 30 pricelevel, which is reflected in the bid NTQ column 126 as shown in FIG. 3E.It should also be noted, that an embodiment of the invention would alsoallow the trader to enter a quantity (such as 17) directly into alocation in the NTQ region.

Once the trader has finished selecting the bid quantity entry columns118, 120, 122, 124 to select a quantity for the order, the trader maythen place the order. This may be done, for example, by providing thetrading application with an indication to place the order. In oneembodiment, the trader may place the order by clicking on the cell inthe bid NTQ column 126 at the 30 price level. In another embodiment, thetrader may place the order by clicking on the cell in the bid quantitycolumn 104 at the 30 price level. Of course, other ways also exist forthe trader to prompt the trading application to place the order, andthese may also be used.

After placing the order, the trading application may remove thepreviously specified NTQ quantity of 17 from the bid NTQ column 126, asshown in FIG. 3F. Thus, the trader may begin again to specify anotherquantity at the 30 price level. In an alternate embodiment, the tradingapplication may retain the 17 quantity at that price level, therebyallow the trader to quickly submit another order having that quantity.Of course, the trading application may allow the trader to easily clearthat retained quantity in order for the trader to specify a newquantity. In a preferred embodiment, the screen shown in FIGS. 3A-3Fcould also include at least one working order region. In this example,an indicator representing the order for a quantity of 17 at the 30 pricelevel would be displayed in a location in the working order region(e.g., a cell) corresponding to the 30 price level.

Also in response to the order, the outstanding bid quantity at the 30price level may be increased from “102” to “119” to reflect theadditional quantity of 17 submitted by the trader. This increase,however, is not directly performed by the trading application, butrather it is in response to updated information received from theexchange. In placing the order, the trading application submits to theexchange the additional quantity of 17 at this price level. The exchangeresponsively increases the quantity at this level by 17. Then, assumingthere are no other quantity changes at this level, the exchange thenprovides to the trading application through the normal market updateprocess the updated quantity information for this price level, therebycausing the trading application to updates its quantity at this levelfrom “102” to “119.”

It should be understood, however, that many variations may be made tothe process previously described for specifying an order quantity. Forexample, the selections of the bid quantity entry columns 118, 120, 122,124 may be made in any order. In another example, different bid quantityentry columns 118, 120, 122, 124 may be used depending on the quantitiescorresponding to the bid quantity entry columns 118, 120, 122, 124. Ofcourse, the trader may also place orders at different price levels andfor different quantities, and the trader may also place sell orders.

In specifying order quantities in this manner, it is not necessary thatthe trader specifies a complete order quantity at one price level andplaces the order before proceeding to specify a quantity at anotherprice level. The trader may, for example, interleave making quantityentry column selections for two or more orders. This may allow thetrader, for example, to specify NTQ values at various different pricelevels without actually placing the orders at those price levels. Thus,the quantities may be seeded at various different price levels, therebyallowing the trader to even more quickly place orders for differentquantities in rapid succession. In one embodiment, the trader may dragand drop an NTQ value from one price level into another price level, andthe trader may drag and drop the NTQ value from the buy NTQ column 126to the ask NTQ column 116 and vice versa. This may also allow the traderto more quickly specify a quantity for trades that is different from thedefault quantity.

In one preferred embodiment, the trader may select cells in the quantityentry columns 106, 108, 110, 112, 118, 120, 122, 124 using a mouse orother input device. The mouse, or other device, may have multiplebuttons, which can be configured to perform different functions. Forexample, a first button may be configured to add quantities to an order,while a second button may be configured to submit an order. Thus, thetrader may use the first button to select one or more cell in thequantity entry columns 106, 108, 110, 112, 118, 120, 122, 124. Byselecting ask or bid quantity entry columns at the same price levelusing the first button, the trader may sum quantities for an order atthat price level. As previously described, the total summed quantity maybe displayed in one of the NTQ columns 116, 126 at the order's pricelevel.

In one embodiment, the trader may submit an order using the secondbutton by placing the mouse's pointer in the NTQ or quantity column fora price level and clicking the second button. The trading applicationmay then submit the order using the quantity specified in the NTQcolumn, thereby potentially submitting a summed quantity value for theorder. When the trader places the pointer over a cell in one of thequantity entry columns for that price level and clicks the secondbutton, the trading application may also place an order using thequantities indicated by the NTQ column. In an alternate embodiment, whenthe trader places the pointer over a cell in one of the quantity entrycolumns for that price level and clicks the second button, then thetrading application may submit an order at that price level having aquantity corresponding to the quantity for that quantity entry column.Thus, the trading application places an order but does not sumpreviously selected quantities.

It should be understood that the programs, processes, methods andapparatus described herein are not related or limited to any particulartype of computer or network apparatus (hardware or software), unlessindicated otherwise. Various types of general purpose or specializedcomputer apparatus may be used with or perform operations in accordancewith the teachings described herein. While various elements of thepreferred embodiments have been described as being implemented insoftware, in other embodiments hardware or firmware implementations mayalternatively be used, and vice-versa.

In view of the wide variety of embodiments to which the principles ofthe present invention can be applied, it should be understood that theillustrated embodiments are exemplary only, and should not be taken aslimiting the scope of the present invention. For example, the steps ofthe flow diagrams may be taken in sequences other than those described,and more, fewer or other elements may be used in the block diagrams.

The claims should not be read as limited to the described order orelements unless stated to that effect. In addition, use of the term“means” in any claim is intended to invoke 35 U.S.C. §112, paragraph 6,and any claim without the word “means” is not so intended. Therefore,all embodiments that come within the scope and spirit of the followingclaims and equivalents thereto are claimed as the invention.

We claim:
 1. A system comprising: a computing device, wherein thecomputing device is configured to display a display region comprising aplurality of locations for displaying market information related to atradeable object, wherein each location of the plurality of locations inthe display region corresponds to the tradeable object, and wherein eachlocation of the plurality of locations in the display region correspondsto a price level along a price axis, wherein the computing device isconfigured to display an order entry region aligned with the price axis,the order entry region comprising a plurality of locations, wherein afirst location of the plurality of locations in the order entry regioncorresponds to a first predefined order quantity and a first price alongthe price axis, and wherein a second location of the plurality oflocations in the order entry region corresponds to a second predefinedorder quantity and a second price along the price axis, wherein thecomputing device is configured to set the first price and the firstpredefined order quantity for a first order, and send the first order toan electronic exchange in response to receiving commands based on useractions consisting of: (1) placing a cursor associated with a user inputdevice over the first location, and (2) selecting the first locationthrough a first single action of the user input device, and wherein thecomputing device is configured to set the second price and the secondpredefined order quantity for a second order, and send the second orderto the electronic exchange in response to receiving commands based onuser actions consisting of: (1) placing the cursor associated with theuser input device over the second location, and (2) selecting the secondlocation through a second single action of the user input device.
 2. Thesystem of claim 1, wherein the computing device is further configuredto: display a first indicator representing the first predefined orderquantity at the first location in the order entry region, and display asecond indicator representing the second predefined order quantity atthe second location in the order entry region.
 3. The system of claim 1,wherein the order entry region further comprises a plurality of cellsarranged along the price axis, wherein a first cell of the plurality ofcells comprises the first location, and wherein a second cell of theplurality of cells comprises the second location.
 4. The system of claim3, wherein the first cell displays the first predefined order quantity,and wherein the second cell displays the second predefined orderquantity.
 5. The system of claim 4, wherein the first predefined orderquantity is input via the first cell, and wherein the second predefinedorder quantity is input via the second cell.
 6. The system of claim 1,wherein at least one of the first predefined order quantity and thesecond predefined order quantity is calculated based on a formula. 7.The system of claim 1, wherein the order entry region further comprisesa first plurality of locations associated with the first price, whereineach of the first plurality of locations is associated with an orderquantity value, and wherein the order entry region further comprises asecond plurality of locations associated with the second price, whereineach of the second plurality of locations is associated with an orderquantity value.
 8. The system of claim 7, wherein the computing deviceis further configured to: receive a selection of at least one of thefirst plurality of locations by the user input device to set the firstpredefined order quantity, wherein the first predefined order quantityis set based on a quantity value associated with each of the at leastone of the first plurality of locations selected by the user inputdevice, and receive a selection of at least one of the second pluralityof locations by the user input device to set the second predefined orderquantity, wherein the second predefined order quantity is set based on aquantity value associated with each of the at least one of the secondplurality of locations selected by the user input device.
 9. The systemof claim 8, wherein the first predefined order quantity and the secondpredefined order quantity are set based on a formula applied to quantityvalues selected by the user input device.
 10. The system of claim 9,wherein the formula comprises a sum of the quantity values selected foreach of the first predefined order quantity and the second predefinedorder quantity.
 11. The system of claim 9, wherein the formula comprisesa subtraction of the quantity values selected for each of the firstpredefined order quantity and the second predefined order quantity. 12.The system of claim 1, wherein the display region and the order entryregion are displayed in a horizontal orientation.
 13. The system ofclaim 1, wherein the display region and the order entry region aredisplayed in a vertical orientation.
 14. The system of claim 1, whereinthe first single action consists of a single click of the user inputdevice.
 15. The system of claim 1, wherein the second single actionconsists of a single click of the user input device.
 16. The system ofclaim 1, wherein the first single action consists of a double click ofthe user input device.
 17. The system of claim 1, wherein the secondsingle action consists of a double click of the user input device. 18.The system of claim 1, wherein the price axis comprises a static priceaxis.